Based on what my real estate agent thinks that this quote will be, roughly, and the after repair value, it looks like I could buy this property in cash, spend a month or two fixing the damage, and then put a mortgage for roughly 1.6x what I paid for it and thus have a cash flowing property at a few hundred dollars per month and a little more money in my bank account ready for a down payment on the next deal.

Run credit and background checks, actually call the listed referrals, and ask for bank statements.

I got better terms than I could get with a bank.

Look at it as a piggy bank. 

So you better find something that cash flows or you’d be better off putting the money in a bank CD. 

Most banks won't want to come in with a line of credit that is second lien on the property.

We're still waiting for the owners bank to let us know if they'll actually help us or not.

Then talk to them, alsoWhat regulations could stop you, too, and do you need to transfer any licensing?

The tenant was paying rent to the previous owner but hasn't been paying rent for a while since the property was foreclosed and sold to the bank.

My question is: How do I properly take the interest that my LLC has put into the new LLC and give it to my person for the purposes of getting a loan from the bank through a refinance.